Writing a will can seem like a daunting and unnerving task. Not only are you making plans for your eventual passing, but you also must address all the legal complexities of leaving your estate to the person of your choosing. When considering all the laws, courts, and taxes attached to carrying out a will, creating it can seem difficult.
But writing a will does not need to be complicated. In fact, with the right information, writing a will can be relatively simple.
Understanding Wills
A will is primarily a legal document that addresses who will manage your estate upon your passing. Your estate is made up of any possessions you leave behind. Because of this, you can will someone your money, property, or sentimental objects. Not only that, but a will can determine who you wish to care for your children under the age of 18 you may leave behind as their legal guardian. Without a will, the laws of your state will determine who will receive portions of your estate and who will raise and watch over your children.
This is why making a will is so critical. It can provide you and your family peace of mind so you can be sure that you will leave behind a legacy for your loved ones.
Methods for Creating a Will
Many people write their own wills – often at their own peril. Wills should be in the right format, grammatically correct, and specific. If a will strays from any of the legal requirements of formation, the legitimacy of the document can be called into question and thus negated.
Because of this, some people choose to create their wills using professional formats on special will-writing software. But even pre-selected formats can have their pitfalls. You may forget to address every part of your will – leaving a portion of your belongings up for debate in the probate court. This is why we recommend you hire an experienced attorney to work with you to create your estate plan. The cost to create your estate plan with an experienced attorney is a fraction of the cost to litigate an estate that was improperly drafted.
Creating the Will
After selecting your method, it is important to begin thinking about the contents of your will. What will you give your spouse, your children, your distant relatives, friends, and charities? Remember to be as specific as possible so beneficiaries will not contest the estate. Save them the trouble of taking each other to court by being deliberate and clear about your decisions.
From there, you want to select an executor for your will. They should be someone you trust – such as a family member, trusted friend, or an attorney. Selecting the right person is key because they’ll be responsible for administering and closing your estate. This means that they’ll ensure the proper debts are paid and that your beneficiaries receive what they’re entitled to.
Finally, it is important to select two, trusted witnesses to sign your will. By signing they verify that you consented to the will thereby legitimizing it. These individuals can not be an interested party, meaning they should not be a named beneficiary of your estate.
At Piercey & Associates, we focus our practice in estate planning. That means we are qualified and experienced in helping people as you plan for your future. We can help you protect your legacy with our complimentary estate planning consultations. We will even review any estate planning documents free of charge for estate assets of less than $10 million.
If you want to start planning for your future today, contact us here or submit a question below. At Piercey Associates, we make estate planning simple.